Fresh Selling seen in MCX Silver Upside Resistance 45150

Fresh Selling seen in MCX Silver Upside Resistance 45150

Gold Silver Reports — Fresh Selling seen in MCX Silver Upside Resistance 45150 — Silver on MCX settled down -1.41% at 45444 as the minutes of the Federal Reserve’s latest policy meeting continued to weigh on the greenback.

Data showed that initial jobless claims decreased by 4,000 to 262,000 last week, compared to expectations for a 1,000 decline to 265,000. Separately, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 2.0 this month from July’s reading of minus 2.9, in line with the consensus estimate.

But sentiment on the greenback remained vulnerable after the minutes of the Fed’s July policy meeting showed that policymakers were still divided over the need to raise interest rates this year. San Francisco Fed President John Williams joined a growing chorus of his colleagues signalling support for a U.S. interest rate hike in coming months. New York Fed President William Dudley reinforced his confidence in a possible rate hike for a second time in the week.

Dallas Fed President Robert Kaplan, however, saw limited room to manoeuvre on rates. Meanwhile, European Central Bank rate setters agreed not to discuss any policy change at their July meeting and to keep market hopes for more stimulus in check, minutes showed. Reports showed the number of Americans filing for unemployment benefits fell more than expected last week, while manufacturing activity in the U.S. Mid-Atlantic region saw a mild improvement this month.

Technically market is under fresh selling as market has witnessed gain in open interest by 1.23% to settled at 10598 while prices down -650 rupee, now Silver is getting support at 45150 and below same could see a test of 44628 level, and resistance is now likely to be seen at 45966, a move above could see prices testing 46488. — Neal Bhai Reports

Fresh Selling seen in MCX Silver Upside Resistance 45150


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